Shein Global Holdings, the fast fashion giant, is planning to make its long-awaited stock market debut in Hong Kong next month.

Known for producing and selling inexpensive clothing and apparel, Shein was founded in 2008 in China, but is now headquartered in Singapore. The company has been a big hit with younger consumers and saw its sales and user growth soar during the pandemic-era lockdowns.

Its valuation reportedly topped out at around $100 billion in 2022.

However, weaker sales, higher costs, and geopolitical tensions have taken their toll, and with its market debut, Shein is now targeting a valuation of closer to $27 billion, a filing on Monday reveals—a nearly 75% decline over four years.

The company has flirted with IPOs in both London and New York in recent years, but scuttled those plans for several reasons, including challenges by U.S. lawmakers.

Secretary of State Marco Rubio, while serving as a senator, led the charge to urge U.S. regulators to stop Shein’s IPO process in early 2024, arguing that its reporting would not be transparent.

Almost three years later, Shein appears primed to finally go public, albeit with a considerably downsized valuation.

Why did Shein’s valuation fall?

Last month, Shein reported a quarterly loss due to slowing sales and fallout from a change to import duty exemptions on small packages brought on by President Trump. The change did away with the “de minimis exemption” that had allowed goods valued at less than $800 to avoid tariffs.

Accordingly, during the first quarter of 2026, Shein lost $99 million on $9.05 billion in revenue. That was down from net income of $395 million on $8.95 billion in revenue a year earlier, according to Shein’s prospectus.

Shein’s filing warns that it could continue to see adverse effects on its business due to tariffs, the war in Iran, and more.

“We have grown rapidly since our inception, and there is no assurance that our growth will continue,” the filing reads.

Even so, for investors who have been waiting to snap up shares of a company with 281 million active users, the long-awaited opportunity is finally approaching.

Shein is expected to list its shares on Tuesday, September 1.